In Brief:
- The target countries are the U.K and EU countries like France, Spain, and Germany.
- Coinbase began offering staking rewards in 2019 with Cosmos and Tezos.
Coinbase, the Global crypto platform, launches Ethereum 2.0 staking rewards for its customers in the United Kingdom. The Product has gone live today with a full launch expected soon.
According to the announcement, it also targets EU countries like France, Spain, Germany, with an annual interest rate of up to 5%. Customers can earn rewards on the basis of their holding. At the moment, it is possible to register on the waiting list.
To stake their ether, customers will need first to convert their holding to ETH2. Then Coinbase will add these assets to a so-called staking pool. ETH is also used for staking outside of Exchange.
However, operating a validator requires a minimum of 32 ETH(approx, $100,000 as of August 31) and significant technical capability. Coinbase removed this requirement and made it easier for its customers.
Exchange began offering staking rewards in 2019 with Cosmos and Tezos. The crypto exchange launched ETH 2.0 staking agency in the U.S in April.
Also Read: Sygnum Bank Rolls Out Support For The Ethereum 2.0 Staking
“While staked ETH and rewards are locked in the network during the upgrade, Coinbase plans to provide a way to trade staked ETH for other assets in the future,” said Coinbase.
According to the latest data, ETH2’s staking contract currently has 7,448,111 ETH deposited.
